Vastland Indonesia (VAST) Records Nearly 6-Fold Increase in Profit in 2023

March 30, 2024, 11.24 PM  | Reporter: Sri Sayekti
Vastland Indonesia (VAST) Records Nearly 6-Fold Increase in Profit in 2023

ILUSTRASI. Fasilitas gudang Vastland Indonesia. Vastland Indonesia (VAST) Hendak Ekspansi Gudang Baru di Tangerang.?(DOK.?VAST)

LISTED COMPANY - Warehouse property developer PT Vastland Indonesia Tbk (IDX: VAST) successfully recorded a profit of IDR 98.8 billion (before tax) in 2023. This profit is six times higher than the previous year's profit of IDR 16.6 billion. This achievement was revealed through their 2023 financial report published on March 28, 2024.

The increase in profit was due in part to the increase in the fair value of the investment properties owned by VAST. Currently, VAST owns more than 27 built-to-suit and general warehouses spread across 7 regions in Indonesia. VAST operates in Pekanbaru, Jambi, Bengkulu, Palembang, Bandar Lampung, Klaten, and Tangerang through warehouses they recently acquired.

In these warehouses in various locations, VAST serves more than 17 tenants operating in various fields where the FMCG industry occupies the position as the largest tenant. Other tenants include distributors, last-mile logistics, fulfillment centers, and retail. VAST also recently expanded its tenant portfolio thanks to its latest warehouse optimized to serve e-commerce companies.

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"Of course, we are very grateful for last year's performance, which was supported by increasing demand for warehousing services, especially in strategic locations along the logistics route. In addition to strategic locations, we can also maintain tenant occupancy rates thanks to our experience in building and operating warehouses. We are also fortunate to be able to complete a key acquisition that is expected to contribute significantly to our recurring revenue," explained VAST's Finance Director Stanley V Gunawan. "

The company is optimistic that the demand for warehouses will still show an increasing trend this year. This does not rule out the possibility that VAST will repeat or even surpass their brilliant performance for 2024. With a diverse customer base, VAST will benefit from growth in various economic sectors.

The surge in online sales and market developments have created a demand for warehouses capable of meeting the needs of each tenant and the products they store. VAST relies on its built-to-suit warehouse services to continue satisfying tenants. In addition, VAST continues to provide quality warehouses with specifications desired by their customers with their respective criteria.



Editor: Syamsul Azhar

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